Portable generators uptake to contribute to $50m in commercial setting by 2031
ESOMAR-certified market research and consulting firm, Fact.MR, establishes that the global portable generators market is expected to be valued at $850m in 2021, reflecting a CAGR of 6.5% over the upcoming decade (2021-2031).
Portable generators powered by diesel or gasoline are thought to be significant contributors to CO2 emissions. Diesel generators, for example, are prohibited in many European towns due to excessive levels of pollution.
From 2016 to 2020, sales of portable generators accelerated at a CAGR of 5.5%. During the pandemic crisis, demand somewhat contracted, amid supply constraints in the first half. Eventually, demand accelerated, as stay-at-home directives prompted an increase in electricity consumption levels, for professional and leisurely purposes.
To address the pollution issue without jeopardising energy supply, market participants have developed hybrid generators that may drastically cut emissions. Photovoltaic (PV) diesel hybrid generators have recently gained popularity. Furthermore, substantial R&D and innovation investment has opened the road for novel hybrid generators, which may be ascribed to shifting customer preferences as well as rigorous environmental rules imposed by government authorities. On the back of these trends, the market is likely to reach $1.5bn by 2031.
Key Takeaways from the Market Study
- 1-3 KW power output generators to generate $300m in revenue by 2031
- Standby backup generators sales to account for 3/4th of global revenue share
- Residential usage to contribute around 20% value share to the global market
- Uptake across commercial settings to rise, yielding an opportunity worth $50m by 2031
- U.S to experience high uptake, registering a CAGR of six percent from 2021-2031
- India to be an attractive market across Asia, expanding at 7.5% CAGR
- China to emerge as the fastest growing market, clocking an eight percent value CAGR
“The requirement for minimum electric wiring, simple equipment, and light weight components in contrast to its accessible equivalents is expected to increase the scope of portable generators in the long-run", says a Senior Research Analyst.
Market participants have been investing in R&D to produce new, innovative goods such as hybrid generators. These advancements will propel the portable generators business forward in the medium- to long-term projection period.
- Pika, a manufacturer of residential energy storage devices, was bought by Generac in May 2019. The acquisition was made in order to integrate Pika's expertise with transportable industrial and commercial generators. The firm provides backup power devices in a variety of places, including Puerto Rico, where recent natural disasters have affected power delivery.
- Cummins introduced the QG 2800i and 2500i, which are 60% quieter RV inverter generators for the recreational vehicle industry, in January 2021. They are powered by gasoline and liquid propane (LP). The Onan QG 2800i and 2500i are 2.8-kW and 2.5-kW inverter-based generator sets designed primarily for Class B and truck campers, respectively.